DALLAS, TX – According to a new market research report “Low (Zero) Emission Vehicle Market (2012 – 2017) – By Degree of Hybridization & Type of Traction Battery Used – Global Forecast, Trends & Analysis” published by MarketsandMarkets, the global low emission vehicle market was valued $21.13 billion in 2011 and is expected to grow from $27.45 billion in 2012 to $103.13 billion by 2017 at an estimated CAGR of 30.3% from 2012 to 2017. 826.8 thousand low emission vehicle were shipped on a global level for 2011 and the number is expected to reach 3532.1 thousand units by 2017, at an estimated CAGR of 27.8% from 2012 to 2017.
Various low emission vehicle types are Mild Hybrid Electric Vehicle (MHEV), Full Hybrid Electric Vehicle (FHEV), Plug-in Hybrid Electric Vehicle (PHEV), and Pure Electric Vehicle (EV or BEV).
A hybrid electric vehicle (HEV) is a type of hybrid vehicle and electric vehicle that combines a conventional internal combustion engine (ICE) propulsion system with an electric propulsion system. The presence of the electric powertrain is intended to achieve either better fuel economy than a conventional vehicle, or better performance.
The world is dominated by ICE-powered vehicle and enjoying the benefits of advances in technology and mass production; wide support from components manufacturer industries, and availability of talented resources. However, the outcome of this dominance includes faster consumption of global fossil fuel resources and an increasing amount of exhaust emissions such as CO2 and CO in the environment. Given these challenges, governments and automakers are looking for better alternative to ICE-powered vehicle that can reduce the exhaust emission and reduce the dependence on oil, which is the primary fuel to tradition vehicles. That is why the need for low emission vehicle is evolving and is continuously growing. This approach will act as a medium to make automotive industry more environment-friendly, ultimately benefiting the world.
Talking of low emission vehicle market based on degree of hybridization, FHEVs are expected to remain as market leaders during the forecasted period. Market for FHEVs and BEVs will develop at a faster rate due to governments’ initiatives to develop charging infrastructure and development in battery technology. Till date, the mass produced FHEV cars have been powered by nickel metal-hydride (NiMH) batteries, which are larger and heavier than lithium ion; for example, battery used in Toyota Prius. For PHEV and BEV, lithium seems to the best option in the years to come; due to its high energy density.
Source: PRNewswire / MarketsandMarkets